Guide · 6 min

Buying an Apartment in Tashkent with a Mortgage: Down Payment and Monthly Cost

A practical Tashkent mortgage guide: how to estimate the down payment and monthly instalment, understand bank limits, and check whether a housing subsidy may apply.

Where to begin the mortgage calculation

“Buying an apartment in Tashkent with a mortgage” looks like one search query, but it contains four separate decisions: finding the right property, funding the down payment, proving income to a bank, and making sure the monthly instalment does not consume the household budget. A safer starting point is not the maximum loan a bank may approve. It is the payment the household can make calmly every month.

As of 31 August 2026, mortgage terms differ substantially between new builds and resale apartments. On Ipoteka Bank’s official mortgage page, the Oson new-build product is advertised from 16.99% per year, with a down payment from 15%, a term of up to 20 years, and a maximum loan of UZS 480 million. The Maqul resale product is listed at 21.5%, with a down payment from 26%, a term of 10 to 20 years, and a maximum of UZS 800 million. These are not market-wide rates or a promise of approval. Product terms can change, while the final offer depends on the borrower and the property.

The useful question is therefore more precise: what apartment can you buy with a comfortable payment, an available deposit, and income the bank can verify? That answer should come before any reservation payment to a seller.

LTV and the down payment

The down payment is the portion of the apartment price funded by the buyer. The bank finances the balance. Yet the advertised minimum percentage is only one constraint. The purchase price, the product’s maximum loan, and the bank’s valuation of the collateral all matter at the same time.

The Central Bank publishes an LTV limit, which compares the loan with the collateral value. The published standard for mortgages to individuals is 80%. A level of 85% is shown for certain mortgages refinanced with Ministry of Economy and Finance resources when average income can be determined under the prescribed procedure. The regulator also lists limited exceptions. This is a prudential framework for banks, not a guarantee that every buyer will receive 80% or 85% of a property’s price. A bank may require a larger deposit under its product terms or risk assessment.

Consider a UZS 700 million apartment. A product may advertise a 15% down payment but cap the loan at UZS 480 million. After paying 15%, the buyer would still need UZS 595 million, which is above the cap. Assuming the valuation supports the price and no other restriction applies, the buyer would need at least UZS 220 million of their own funds. The advertised minimum remains 15%; the effective down payment for this apartment becomes about 31.4%.

Before viewing apartments, write down three numbers: available savings, a comfortable monthly payment, and the product’s loan cap. This simple screen removes attractive listings that do not fit the financial plan.

Two examples using current terms

The examples below use the standard annuity formula. They are illustrations, not bank offers. An actual schedule may also reflect the disbursement date, insurance, valuation, notarial fees, and other contractual costs.

Example one is a UZS 550 million new-build apartment. A 15% down payment is UZS 82.5 million, leaving a UZS 467.5 million loan, within the published Oson cap. At 16.99% over 20 years, the estimated monthly annuity is about UZS 6.85 million. Total payments over the full term would be approximately UZS 1.645 billion, including roughly UZS 1.177 billion in interest. A long term reduces the monthly burden but substantially increases the total cost of borrowing.

Example two is a UZS 600 million resale apartment. A 26% down payment is UZS 156 million, leaving a UZS 444 million loan. At 21.5% over 20 years, the estimated monthly payment is close to UZS 8.07 million. Total payments would be about UZS 1.936 billion. The number is sobering, but it reveals the difference between “the monthly amount seems manageable” and the full price of the financing decision.

Build three versions of the budget rather than one. The base case uses current income. The cautious case reduces usable income by 10–15%. The stress case adds a temporary income loss, healthcare cost, or urgent repair. If the mortgage works only in a perfect month, the apartment is too expensive for now.

How a bank assesses income

The Central Bank publishes a DSTI standard: all monthly debt-service payments compared with average monthly income. The standard shown for loans to individuals is 50%, with limited exceptions for specified categories and a restricted share of bank lending. Existing loans count alongside the proposed mortgage.

This allows a rough inference. If the mortgage payment is UZS 6.85 million and there are no other loans, verifiable average income would need to be approximately UZS 13.7 million or more for this payment alone not to exceed 50%. This is an inference from the regulatory ratio, not an approval promise. The bank will still apply its own scoring, review income stability, credit history, co-borrowers, and documents.

A family does not have to use the regulatory ceiling as its personal target. Rent before handover, children, seasonal income, medical expenses, or support for relatives may justify a much lower internal limit. A bank measures credit risk; it does not design the family’s comfortable life.

Before applying, prepare evidence of income, information on current debts, co-borrower documents, and a reserve that will remain after the deposit. If the down payment uses every soum of savings, moving and repairs can quickly create a second, more expensive loan.

When to check subsidy eligibility

For 2026, the government announced UZS 23 trillion in mortgage resources and UZS 2.7 trillion to subsidise part of down payments and interest payments. A national budget allocation does not mean an automatic subsidy for every homebuyer.

The official application service is available on my.gov.uz. It identifies the legal basis, responsible authority, and application process. Check the current criteria, intake period, and limits immediately before applying because they depend on the applicable procedure and annual targets. Obtain the official notice and bank confirmation before building a purchase contract around expected support.

A subsidy does not replace property due diligence or all personal funds. Even after a positive decision, a buyer may still need to cover part of the deposit, any gap between the purchase price and the loan cap, valuation, insurance, notarial steps, state registration, and renovation.

New build or resale

The market segment changes more than the rate. For a new build, check the developer, permits, contract, payment mechanism, and the status of the specific project. For a resale apartment, verify the owner, cadastral information, restrictions and encumbrances, required consents, registered occupants, and whether the physical layout matches the documents.

Mortgage approval is not a legal guarantee that the apartment is clean. A bank reviews the property primarily as collateral and under its own procedure. The buyer remains responsible for personal transaction risks. Before paying a deposit, follow ROXU’s apartment due-diligence checklist, then compare current apartments for sale in Tashkent.

Compare products in one table: market segment, rate, effective borrowing cost, down payment, loan cap, term, early repayment, income requirements, co-borrower rules, and property eligibility. If a lower rate applies only for an introductory period or a partner developer, that limitation should be visible before signing.

A buyer’s step-by-step route

First set a comfortable payment and keep a reserve covering several months of essential expenses. Then request preliminary calculations from two or three banks. The same apartment price does not produce the same approved amount or repayment schedule everywhere.

Choose a property only within the verified budget. Before paying a deposit, confirm with the bank that the property type, construction stage, documents, and likely valuation are eligible. The deposit agreement should state what happens if the bank refuses the mortgage or values the apartment below the seller’s price.

Next, check the property and seller, obtain final approval, and read the loan agreement and schedule carefully. Ask for the total amount payable and every associated cost. Confirm the early-repayment process and when the mortgage charge is created.

Only then sign the transaction documents and transfer money through the agreed safe sequence. Keep the contracts, payment records, valuation report, and evidence that ownership was registered.

Final checklist

• The price has been tested against both the minimum deposit and the loan cap.
• The monthly instalment uses the actual rate and term, not an advertising example.
• All current debts and the household’s own safety limit are included.
• Savings remain after the down payment.
• At least two banks have been compared on the same date.
• Subsidy eligibility is checked through the official service, not a broker’s promise.
• The bank has preliminarily confirmed that the property fits the programme.
• The apartment and seller are checked separately from the collateral review.
• Total payments, early repayment, insurance, and extra costs are clear in the agreement.

A good mortgage is not the one in which the bank agrees to lend the maximum. It is the one that leaves room for ordinary life and remains manageable not only on the day the keys arrive, but throughout the years that follow.